A £20m (E25m) Chinese joint venture between UK fuel cell technology developer Ceres Power and Bosch has been delayed until 2023. This will delay the company moving to the main market of the London Stock Exchange.
The directors of Ceres said they were informed last night that the negotiations will not conclude this year and approvals for the joint venture (JV) agreements with Robert Bosch GmbH and Weichai Power have been postponed until 2023.
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This is the result of several commercial items remaining which require more time to be finalised between the partners. However company reiterated that all parties remain committed to the deal, the structure of which has been agreed.
The three companies plan to use the Ceres solid oxide fuel cell technology for a range of stationary applications, particularly to provide renewable power to data centres.